Gift Letter

Freddie Mac

A gift letter signed by the donor is required. Information provided in the gift letter must:

State the donor’s name and that the funds are given by a Related Person

Include the donor’s mailing address and phone number

State the maximum or actual amount of the gift funds or gift of equity

Establish that the funds are a gift that does not have to be repaid (Section 5501.3(c))

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Fannie Mae

The gift letter, signed by the donor, must:

Specify the dollar amount of the gift

Specify the date the funds were transferred;

Include the donor’s statement that no repayment is expected; AND

Indicate the donor’s name, address, telephone number and relationship to the borrower. The subject address does not need to be identified in the gift letter. (Section B3-4.3-04).

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NMLS #2179146

FHA (non-streamline)

A gift letter signed and dated by the donor and borrower that includes the following:

The donor’s name, address, and telephone number;

The donor’s relationship to the Borrower;

The dollar amount of the gift; AND

A statement that no repayment is required

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VA (non-IRRRL)

A gift letter must:

Specify the dollar amount of the gift;

Include the donor’s statement that no repayment is expected; AND

Indicate the donor’s name, address, telephone number, and relationship to the borrower.

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What documents should I be ready to provide for a pre-approval?

1. Identification

Government issued ID for each borrower – this can be a state-issued driver’s license, birth certificate, or passport.

2. Proof of Income

Employees – most recent pay stubs

Self-employed – profit and loss statement

Passive income – most recent financial asset statements

3. Financial Asset Statements – At least two months of your most recent statements, including:

Bank checking and savings

Brokerage

Retirement fund – 401K, pension, self-funded ( ROTH, SEP, Individual), annuities

Trust

4. Tax Returns

Employees – W-2 forms and tax returns for the last two years.

Self Employed – Profit and loss statements, 1099, and tax returns for the last two years.

Passive Income – Tax returns for the last two years.

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NETWORK OF MORTGAGE LENDER

HARD VS. SOFT CREDIT INQUIRIES

Lenders view your credit history in one of two ways—a hard inquiry or a soft inquiry (also known as a hard pull or soft pull).

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NER reserves the right to remove from our social media sites any content in violation of this Disclaimer or any content that is otherwise objectionable, as well as to take steps to block access to our Sites by any person violating this Disclaimer.

While NER monitors its social media sites, not all comments or private messages will receive a response. We cannot respond to software or tax-related questions through private messages or public comments via our Sites.  NER, its affiliates, and its employees do not provide tax advice services. Tax advice should be sought from the IRS. If you have a technical support or product question, please call 800-215-2454 or send an email to security@nercloudoffice.com.

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